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Development of consumer prices in May 2020

Development of consumer prices in May 2020

Last update: 15.06.2020
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: Consumer prices and prices of production statistics
Publish Date: 15.06.2020

Consumer prices increased by 0,3 %, month-on-month and rose by 2 %, year-on-year. The increase of prices was caused mainly by the price rise of foods and non-alcoholic drinks (fruit, meat, bread and cereals), alcoholic beverages and financial services (bank charges).

In May, the calculation of the consumer price index was significantly affected by the measures adopted in connection with the COVID-19 crisis and the cessation of field surveys. Undetected prices were replaced by prices from other sources, e.g. websites, telephone and e-mail inquiries, or scanner data (food, alcoholic beverages) of retail chains were used. Part of the undetected prices was resolved by post-imputation. More in the Methodological note HERE.

Development of consumer prices in May compared with April 2020

In May compared with April 2020, consumer prices rose in six out of twelve divisions of the Coicop classification. They decreased in two divisions and remained unchanged in four. The most significant price rise was in the division of food and non-alcoholic beverages by 1,3 % and alcoholic drinks and tobacco by 1,2 %.

In terms of a more detailed structure, a price rise was reflected in the division  of food by 1,3 % which was affected mainly by higher prices of fruit by 5,4 %; meat by  2,2 %; fish; food products n.e.c. equally by 1,7 %; bread and cereals by 1,1 %; milk, cheese and eggs by 0,9 %. Prices of vegetables (including potatoes) dropped by 1,1 %; oils and fats by 0,8 %; sugar, jam, honey, syrups, chocolates and confectionery by 0,3 %. Prices rose in non-alcoholic beverages by 1 % (coffee, tea and cocoa by 1,7 %, mineral waters, soft drinks and vegetable juices by 0,5 %).

Price rise in the division of alcoholic beverages and tobacco by 1,2 % was affected by higher prices of alcoholic beverages by 2,3 % (spirits by 3,2 %, wine by 2,4 %, beer by 1,2 %).

 A rise in prices in the division of miscellaneous goods and services by 0,2 % was influenced by higher prices of financial services n.e.c by 1,4 % (financial services provided by banks by 1,5 %). Prices of personal care; personal effects n.e.c; social protection; insurance; other services n.e.c. were at the level of the last month.

Higher prices in the division of housing, water, electricity, gas and other fuels by 0,1 % were affected by a price increase of actual rentals paid by tenants by 1,2 %; refuse collection by 0,3 %; imputed rentals of owner-occupiers by 0,1 %. Prices of materials for maintenance and repair of the dwelling dropped by 0,1 %. Prices of services for maintenance and repair of the dwelling; water supply, sewerage; other services related to the dwelling; electricity; gas; solid fuels and heat energy remained at the level of the previous month.

Lower prices in the division of furnishings, household equipment and routine household maintenance by 0,4 % and in transportation by 1,2 % (due to price drop of fuels by 2,8 %).

Prices remained unchanged in four divisions, namely health, communication, restaurants and hotels and education.

In May compared with April, the consumer price index rose in households of employees by 0,2 %, in households of pensioners and in low-income households equally by 0,3 %.

Development of prices in May 2020 compared with May 2019

In year-on-year comparison, consumer prices increased in the divisions of education by 5 %; food and non-alcoholic beverages by 4,8 %; miscellaneous goods and services by 3,8 %; recreation and culture by 2,7 %; housing, water, electricity, gas and other fuels by 2,6 %; communications by 2 %; alcoholic beverages and tobacco; health equally by 1,5 %; furnishings, household equipment and routine household maintenance by 1,4 %; restaurants and hotels by 1 %; clothing and footwear by 0,5 %. Prices dropped in transport by 7,6 %.

On average, over the first five months of 2020 compared with the same period of 2019, consumer prices increased by 2,5 % in total. 

In May 2020, index of consumer prices increased in households of employees by 1,9 %, households of pensioners by 2,4 % and in low-income households by 2,1 % year-on-year.

On average, over the first five months of 2020 compared with the same period of 2019, index of consumer prices increased in households of employees by 2,4 %, in household of pensioners by 2,7 % and in low-income households by 2,6 %.

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  • Slovak Republic
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